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ABSTRACT. This paper advocates that many features of an Islamic economy can be developed through a “bottom up,” rather than a “top down” approach. The current poverty and unemployment levels of the Ummah (World Muslim community) are briefly outlined. The paper then postulates that poverty within the Ummah can be reduced through the pursuit of Tawhid principled entrepreneurship. The need of an Islamic business model and the basic tenants of an Islamic economy are outlined, before describing the features of a Tawhid based business model. The paper concludes with a discussion about how this business model can be developed and implemented within the community through cluster development. pp. 75–100
JEL Codes: L26

Keywords: Islam; Tawhid; economy; entrepreneurship; Shariah; poverty; culture; business model; cluster

How to cite: Hunter, Murray (2014), “Entrepreneurship as a Means to Create Islamic Economy,” Economics, Management, and Financial Markets 9(1): 75–100.

MURRAY HUNTER
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University Malaysia Perlis

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